The stakes are rising for organizations as regulators continue to crack down on misconduct and non-compliance, emphasizing the importance of proper compliance management practices. According to Thomson Reuters, since 2009 the United States and Europe have imposed a combined total of $342 billion worth in fines on banks for misconduct, including violations of anti-money laundering (AML) rules. Fines imposed by the Department of Justice and the Securities and Exchange Commission can cost companies millions,…
Through times of great change, organizations require exceptional leadership to remain resilient and competitive. In business operations, executives need to develop forward-thinking governance, risk, and compliance (GRC) management strategies to overcome immediate and future obstacles. Setting a path for cross-functional best practices in your organization can resemble the skills of a good gardener. A horticulturalist first establishes a baseline—reviewing the environment, understanding the landscape, defining objectives, and determining what conditions are necessary for vegetation…
Third-party risk has been a serious issue for organizations in terms of cybersecurity. Even normal business activities like interacting with suppliers or utilizing online services may leave your organization vulnerable to cybercrime resulting from third-party security failures. Lack of visibility into vendor cybersecurity has the potential to put your organization’s operations and data at risk. Additionally, executives and stakeholders alike share concerns about providing proof of due diligence in protecting their organization and its…
Compliance professionals are tasked with managing and mitigating risk along many vectors in an organization’s operations. As businesses and their customers increase their attention to social issues such as inclusion, diversity, and sustainability, CCOs face both significant challenges and unique opportunities. Compliance officers occupy a position that allows them to impact their organization’s efforts to promote environmental, social, and governance (ESG) responsibility. There is a growing sense among leaders that ESG initiatives are not…
Data security has become increasingly important in recent years as cyber threats increase in complexity and frequency, while public concern over personal data privacy grows. Aside from cybersecurity threats posed by those looking to exploit sensitive data for personal gain or to cause chaos, consumers are increasingly aware of the value of their personal data to businesses. Personal data can be bought or sold, used to gain market insight to drive strategy, or leveraged…